The total includes $253M in cash, the assumption of $98M in proportional GTN debt and the issuance of $95M of new Class B units to TRP which will entitle TRP to a distribution based on 30% of GTN's annual cash distributions.

GTN is a 1,353-mile pipeline that transports natural gas under long-term contracts from the Western Canada Sedimentary Basin and the Rocky Mountains to Washington, Oregon and California.

TRP says the partnership has the capacity to complete dropdowns in excess of $1B/year.

A 50% cut in Petrominerales' (PMGLF.PK) market value has left its equity and net debt valued at the cheapest multiple to profit among any oil and gas explorer in the world with a market value higher than $250M, according to Bloomberg, which speculates its reserves, estimated at 40M-plus barrels of mostly high-quality light oil, could attract suitors such as Enbridge (ENB), TransCanada (TRP) or Pacific Rubiales (PEGFF.PK).